A hospitality fund that counts Alex Rodriguez as one of its investors purchased an Ocean Drive hotel in Miami Beach.
Optimum Development USA, led by Ricardo Tabet, sold the Celino South Beach hotel complex at 640 Ocean Drive to CGI Hospitality Opportunity Fund I. Rodriguez’s A-Rod Corp and joint venture partner Adi Chugh of Surya Capital Partners joined CGI Merchant Group’s $650 million fund late last year.
The 132-key hotel will open in the fall under the Curio Collection by Hilton brand, according to a release. The property traded for an undisclosed price. Tabet did not respond to a request for comment and the buyer did not share the price.
Optimum acquired the Ocean Drive property, which included the former Park Central, the Imperial Hotel, Heathcote Apartments and then-vacant land in 2013 for $51 million. Goldman Properties sold the assemblage. Optimum then embarked on a multi-year, multimillion-dollar renovation and expansion of the hotel.
The property includes 26 suites and a number of food and beverage outlets. It does not appear to have opened after the renovation project.
CGI Merchant Group launched the hospitality fund last year with the goal of purchasing 20 hotels in gateway cities in North America and the Caribbean.